Bitcoin is bouncing back and is on track to have its fifth month in a row of gains, despite the impact of ETFs. The digital asset industry saw a boost as Bitcoin reclaimed the $43k price mark. The total value of all cryptocurrencies also went up by more than 2% in the past day, reaching $1.66 trillion. However, before this increase, Bitcoin's price dropped to $38k.

During the recent market dip, big Bitcoin investors showed confidence by buying more BTC. The number of entities holding 1,000 BTC or more rose by about 4.50% in just two weeks, with around 67 new entities joining. This trend suggests that Bitcoin could achieve a fifth consecutive month of gains, which would be its longest winning streak since the pandemic rally. In January alone, Bitcoin's price has risen by approximately 3%. This positive momentum can be attributed to the launch of the first US exchange-traded funds (ETFs) for Bitcoin, as well as changing views on monetary policies.

If Bitcoin manages to have five straight months of gains, it would surpass its previous record of six months from October 2020 to March 2021. Bitcoin reached its highest value ever, nearly $69,000, in November 2021.

The impact of ETFs has played a big role in recent market changes. The introduction of spot ETFs by major players like BlackRock Inc. and Fidelity Investments sparked anticipation for more investors to join in, leading to a 160% increase in Bitcoin's price over the past year. However, after these funds went live, Bitcoin experienced a 21% decline over a span of 12 days.

The conversion of the $21 billion Grayscale Bitcoin Trust (GBTC) into an ETF on January 11 also affected the market. Initially, investors withdrew funds from the trust after the conversion, but now the rate of withdrawals has slowed down, which has helped Bitcoin's recovery.

This decrease in outflows from the Grayscale fund is seen as a positive development, boosting market confidence. The ten ETFs launched so far have attracted a net investment of $1 billion. #Write2Earn #sui #ALT #Blur #BTC $BTC $XRP $ETH